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BoE Officials: UK Unlikely to Face Deflation, Rates Likely to Go Up
There is no reason to panic over no inflation at the moment in UK, Bank of England (BoE) policymaker David Miles told the Financial Times today. BoE rate-setter Miles said there are no signs of a downward spiral in prices, despite the current level of inflation rate dropping to zero for the first time ever on record. Miles suggested inflation should begin to pick up toward the end of the year. "It’s wise to hold your nerve and not to get panicked into a response to the current [0%] rate ... What I don’t see at the moment is persistent underlying deflationary pressures in the UK," Miles said. "It is more likely ... (full story)
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